Finance & Capital Management

Nordstrom’s second quarter earnings were in line with its expectations. The results come two weeks after the company said it was acquiring Trunk Club, a men’s personalized clothing service, for $350 million.

Profit for the quarter remained flat compared to last year’s second quarter at $183 million. Net sales for the quarter were $3.3 billion, a 6.2% increase from $3.1 billion in the prior-year quarter. Comparable sales increased 3.3%.

Tampa, Fla. -- Burger 21, founded by the owners of The Melting Pot Restaurants, has executed its first franchise agreement in Michigan, under which a debut restaurant in Ann Arbor will open summer 2015.

Additionally, the company signed two franchise agreements for single units in Ocala, Florida, and Raleigh, North Carolina. The new deals are part of the fast-casual concept's growth strategy to expand its presence in new and existing markets nationwide.

To date, Burger 21 has 13 open locations and 25 franchised restaurants in development.

Etna, Ohio -- Ascena Retail Group Inc. has opened its new 880,000-sq.-ft. shared services office complex and national distribution center in Pataskala, Ohio.
 

Pittsburgh -- GNC Holdings, Inc.’s board of directors has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately and replaces GNC’s previous authorization, which had approximately $250 million remaining.  

The repurchases are expected to take place over the next 24 months.

New York — Retail brokerage firm Cohen Real Estate has added two new members to its brokerage team, augmenting the firm’s presence in New York City.

Guy Saban joins Cohen as investment sales broker, and will provide real estate advisory and investment services to buyers and sellers who are seeking to expand, optimize, and/or diversify their real estate portfolios.

Max Garelick joins as real estate associate, and will work alongside Cohen VP Michael Cleeman to market retail, mixed-use and multi-family properties in Manhattan.

New York – Although Macy’s Inc. reported a 4% increase in net income to $292 million in the second quarter of fiscal 2014, from $281 million in the same period a year earlier, the company still missed Wall Street expectations. Leftover merchandise from a sluggish first quarter helped keep Macy’s profit growth down.

Downers Grove, Ill. – Net income dropped 14.5% at FTD Inc. to $4.7 million in the second quarter of fiscal 2014 from $5.5 million in the same period the prior year. Costs related to FTD’s planned purchase of Provide Commerce were primarily responsible for the decline in net income.

Montreal – Canadian grocery retailer Metro Inc. reported medium results for its third quarter fiscal 2014. Net earnings for third quarter 2014 were $144.5 million, an increase of 0.1% from net earnings of $144.4 million for the same quarter of 2013.

Hudson, Ohio – Travis Smith has resigned as president and CEO of Jo-Ann Fabric and Craft Stores. Until a replacement has been identified, Jim Kerr, executive VP and CFO, will serve as Interim CEO of the company, while continuing in his current role as CFO.

The board of directors is undertaking a comprehensive search to identify a replacement. In his role as interim CEO, Kerr will partner with Riddi Kline, executive VP of marketing and merchandising, and Tom Williams, executive VP of operations and HR, to manage the business.

Hudson, Ohio – Travis Smith has resigned as president and CEO of Jo-Ann Fabric and Craft Stores. Until a replacement has been identified, Jim Kerr, executive VP and CFO, will serve as Interim CEO of the company, while continuing in his current role as CFO.

The board of directors is undertaking a comprehensive search to identify a replacement. In his role as interim CEO, Kerr will partner with Riddi Kline, executive VP of marketing and merchandising, and Tom Williams, executive VP of operations and HR, to manage the business.